- Niece Seher Varma is the spouse of film and television actor Giriraj Kabra known for roles in Piya Ka Ghar Pyaara Lage (2011), Yeh Kahan Aa Gaye Hum (2015) and Kundali Bhagya (2017).
- Brother Sunil Varma was the executive producer of the film Insaaniyat (1974).
- Nephew Sid Makkar is a film and television actor particularly known for his work in the films Save Your Legs! (2012), The Best Exotic Marigold Hotel (2011) and Hacked (2020).
- Brother-in law Surinder Makkar was a character actor known to have played the role of a circus trapeze artist in Insaaniyat (1974).
- Father Munshiram Varma was one of the founders of Varma Films, particularly well-known for the films Sohag Raat (1948), Patanga (1949) and Badal (1951).
- Sister Madhu is an actress best known for having played the female lead opposite veteran actor Shashi Kapoor in the film Insaaniyat (1974).
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